https://www.taxtmi.com/forum/issue?id=882 Exempt income under section 10(38) is excluded from computation of gross total income; accordingly an allowable long term capital loss from shares not covered by that provision cannot be set off against tax free long term capital gains. The wording 'assessee shall be entitled' in the set off provision indicates an option the assessee may elect to use rather than an obligation to treat exempt gains as available for adjustment. en-us Fri, 22 Aug 2008 09:50:08 +0530 Thu, 23 Jan 2025 15:58:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=882 Exempt income under section 10(38) is excluded from computation of gross total income; accordingly an allowable long term capital loss from shares not covered by that provision cannot be set off against tax free long term capital gains. The wording 'assessee shall be entitled' in the set off provision indicates an option the assessee may elect to use rather than an obligation to treat exempt gains as available for adjustment. Discussion-Forum Income Tax Fri, 22 Aug 2008 09:50:08 +0530 https://www.taxtmi.com/forum/issue?id=882